基金管理人：嘉实基金管理有限公司 基金托管人：招商证券股份有限公司 二〇二五年七月 重要提示 1、嘉实中证港股通高股息投资交易型开放式指数证券投资基金发起式联接基金（以下简称"本基金"） 经中国证监会2025年6月6日证监许可〔2025〕1187号《关于准予嘉实中证港股通高股息投资交易型开放 式指数证券投资基金发起式联接基金注册的批复》注册募集。 2、本基金是契约型开放式ETF联接基金。 基金简称：嘉实中证港股通高股息投资ETF发起联接A，基金代码：024705，收取认（申）购费 基金简称：嘉实中证港股通高股息投资ETF发起联接C，基金代码：024706，不收取认（申）购费，但 从本类别基金资产中计提销售服务费 3、本基金的管理人为嘉实基金管理有限公司（以下简称"本公司"），托管人为招商证券股份有限公 司，注册登记机构为本公司。 4、本基金募集对象是符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者和发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年7月7日至2025年7月18日通过各销售机构公开发售。 6、发起资金的认购： 本基金发 ...

Group 1 - The fund will be listed on the Shenzhen Stock Exchange on June 30, 2025, with the trading name "恒指ETF" and code "159365" [20] - As of June 27, 2025, the fund's investment in the underlying index components and alternative components accounts for 98.36% of the fund's net asset value, complying with relevant regulations and the fund contract [21] - The fund management company has added new liquidity service providers, including Huatai Securities, GF Securities, CITIC Securities, and China International Capital Corporation, to enhance market liquidity and stability [22] Group 2 - The minimum subscription amount for the fund is set at RMB 1, while the direct sales channel requires a minimum of RMB 50,000 for the first subscription and RMB 20,000 for subsequent subscriptions [2] - The fund has different subscription fee rates for pension clients compared to other investors, with specific categories defined for pension clients [3][4] - The redemption process requires a minimum of 0.01 fund shares for each redemption request, and the redemption fee decreases based on the holding period [6][7]

证券研究报告 | 基金研究（公募） 2025 年 6 月 29 日 权益市场收涨，中游制造、TMT 基金表现领先 基金市场一周观察（20250623-20250627） 本周权益市场整体收涨，小盘成长风格占优；行业方面，本周综合金融表现领 先；计算机、综合、国防军工等也表现较好；债市整体下行，可转债市场上 行。全市场主动权益基金平均回报 2.74%；短债基金收益均值为 0%，中长债 基金收益均值为-0.03%；含权债基平均正收益；可转债基金平均正收益。 xuyanhong@cmschina.com.cn 高艺 S1090524020001 gaoyi2@cmschina.com.cn 李巧宾 S1090524070011 liqiaobin@cmschina.com.cn 徐肖雅 研究助理 xuxiaoya@cmschina.com.cn 江帆 研究助理 jiangfan3@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 市场概况：本周权益市场整体收涨，小盘成长风格占优；行业方面，本周综 合金融表现领先；计算机、综合、国防军工等也表现较好。 ❑ 主动权益：样本内全市场基金平均回报 2.74%，收益 ...

以下文章来源于富国基金 ，作者填志愿 富国基金 . 因此，最近各个社交平台都上演着"志愿填报血泪史"，小编看到不少家长和考生线上发帖，有纠 结"专业如何选"、"热门专业是哪些"，也有焦虑"冲一冲会不会滑档"、"985有点坑的专业VS双非王 牌专业如何选"……刷着这些充满困惑的讨论，小编深有感触：无论是选学校选专业，还是选基金， 一定程度上可以说都是对未来的投资，细细品味，其实这志愿填报和买基金的弯弯绕绕颇有异曲同 工之处~ ★ 第一波 ★ 难选程度——眼花缭乱？ 高考选择院校、专业之难，就如同选基一样，通过下面这组数据可见数量之繁多。 志愿填报： 根据教育部2025年最新发布的普通高等学校本科专业目录，共包含93个专业类，845种专业， 其中今年新设了29种新专业，分别涉及区域国别学、碳中和科学与工程、海洋科学与技术、 航空运动、智能分子工程、人工智能教育等方向。同时，截至2024年6月20日，全国高等学校 共计3117所，其中普通高等学校2868所。可见院校林立，选择维度之复杂。 选基： 截至2025年6月25日，数据显示，共有12869只公募基金（仅含主代码），其中非货12499 只，基金经理共有4043 ...

Group 1 - The article discusses various fees associated with fund management, including management fees, custody fees, and other operational costs [1][10][12] - The management fee is set at 0.15%, while the custody fee is 0.05% [1][10] - Additional fees include a sales service fee of 0.25% and various other operational costs that may arise during fund management [10][12] Group 2 - The fund does not charge a subscription fee and generally does not charge a redemption fee, unless specific liquidity risk management conditions are met [12][23] - The fund's operational expenses will be deducted from the fund's assets, including transaction fees and audit fees [24][36] - The fund aims to maintain a balance between safety and liquidity while pursuing investment opportunities [6][12]

Group 1 - The core concept emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are crucial for successful investing [2] - The article introduces the Kappa ratio, which compares annualized returns to maximum drawdown, indicating that a higher ratio signifies better returns while controlling for maximum drawdown, particularly relevant for fixed income plus products [3] Group 2 - The article promotes a special event for fund holders, offering prizes and incentives, which may enhance engagement and attract more investors [5]

Group 1 - The fund name is "Invesco Great Wall 180-Day Holding Period Bond Fund" with A class fund code 023224 and C class fund code 023225 [9] - The fund is a bond-type securities investment fund with an indefinite duration [9] - The initial face value of the fund shares is 1.00 RMB [9] Group 2 - The fund will be publicly offered from June 30, 2025, to September 29, 2025 [10][11] - The fund is available for individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [9][10] - The minimum initial subscription amount is 1 RMB, and there is no limit on additional subscriptions [2][19] Group 3 - The fund manager is Invesco Great Wall Fund Management Co., Ltd., and the custodian is Industrial and Commercial Bank of China [1][36] - The fund will not set a maximum subscription limit for individual accounts during the fundraising period, but may restrict subscriptions if an individual investor's total subscription exceeds 50% of the total fund shares [3][20] - The fund will accept subscription applications through direct sales centers and other sales institutions [12][29] Group 4 - Investors must open a fund account to purchase the fund, and the account opening and subscription can be processed simultaneously during the fundraising period [2][25] - The fund's subscription fee for A class shares will be charged, while C class shares will not incur a subscription fee [13][19] - The fund's net value may fluctuate due to market volatility, and investors are encouraged to read the prospectus and fund contract carefully [7][8]

Core Viewpoint - Guangdong Dongfeng New Materials Group Co., Ltd. has been placed on a credit rating watch list due to significant revenue decline and losses in its new energy materials segment, alongside uncertainties regarding its investment funds and changes in its controlling shareholder [3][5][14]. Financial Performance - The company's total assets decreased from 81.63 billion yuan in 2022 to 74.07 billion yuan in 2023, while total liabilities dropped from 21.60 billion yuan to 13.49 billion yuan during the same period [7]. - Operating revenue fell sharply from 37.44 billion yuan in 2022 to 26.31 billion yuan in 2023, reflecting a 29.57% gross margin in 2022, which decreased to 23.05% in 2023 [7][29]. - The net profit for 2023 was reported at -0.25 billion yuan, indicating a significant downturn from previous earnings [7]. Business Segments - The company is undergoing a strategic transformation, having exited its printing and packaging business, with a focus on medical packaging and new energy materials [14][16]. - The medical packaging segment's revenue declined by 11.31% year-on-year, amounting to 6.32 billion yuan in 2024, with a reduced profit margin due to increased competition and economic pressures [18][29]. - The new energy materials segment faced challenges, with production capacity utilization dropping to 46.56% in 2024, resulting in a net loss of 20.54 million yuan [22][28]. Investment Funds - The company has two consumer investment funds that have entered the exit phase, with significant declines in investment valuations impacting overall returns [27]. - The Chengdu fund, with a total investment of 3 billion yuan, has seen its external investments drop to approximately 1.95 billion yuan, while the Shenzhen fund's investments total around 9.60 billion yuan [27]. Shareholder Changes - The controlling shareholder has changed to Quzhou Zhishang Enterprise Management Partnership, with the actual controller being the Quzhou State-owned Assets Supervision and Administration Commission, which is expected to provide some support in business coordination and resource allocation [10][14]. - The company has completed the transfer of significant shares, with the new shareholders expected to influence future strategic directions [15][14]. Industry Outlook - The medical packaging industry is anticipated to expand due to strong downstream demand, despite current challenges such as rising raw material costs and competitive pressures [12][13]. - The overall economic environment in China is showing signs of recovery, which may support the company's future performance if external uncertainties are managed effectively [11].

Group 1 - The core viewpoint of the news is the performance and structure of the CITIC Securities Value Growth C fund, which has experienced a decline in net value and cumulative returns since its inception [1] - As of June 19, the fund's net value is 0.93 yuan, marking a 1.05% decrease and a cumulative decline of 4.74% over the last five trading days [1] - The fund was established in December 2020 with a total size of 111 million yuan and has recorded a cumulative return of -50.98% since inception [1] Group 2 - The current fund manager, Ms. Zhang Yan, has a master's degree and has held various positions in different fund management companies since 2011, including roles at Xinhua Fund Management and China Life Pension Insurance [2] - Ms. Zhang has managed multiple funds at Zhongyin International Securities, including the Zhongyin Securities Health Industry Flexible Allocation Mixed Fund and the Zhongyin Securities New Energy Flexible Allocation Mixed Fund [2] Group 3 - As of March 31, 2025, the top ten holdings of CITIC Securities Value Growth C account for a total of 51.76%, with notable positions in companies such as Wens Foodstuff Group (7.00%) and Bairun Co., Ltd. (6.68%) [3] - Other significant holdings include Jieya Co., Ltd. (5.82%), Muyuan Foods (5.58%), and Tangrenshen (5.04%) [3]

Core Viewpoint - The gold ETF fund (159937) is experiencing a favorable environment for potential price increases in the third quarter, driven by easing tariff sentiments, moderate economic slowdown without recession risks, and a mild decline in inflation, which may lead to a rate cut by the Federal Reserve [1] Group 1: Fund Performance - As of June 18, the gold ETF fund has seen a net value increase of 94.96% over the past five years, ranking it among the top two comparable funds [2] - The fund's highest monthly return since inception was 10.62%, with the longest streak of consecutive monthly gains being six months and a maximum gain of 16.53% [2] - The fund has a historical probability of 100% for profitability over a three-year holding period, with an average monthly return of 3.27% and an annual profit percentage of 80.00% [2] Group 2: Risk and Return Metrics - The fund's Sharpe ratio over the past year is reported at 2.53, indicating strong risk-adjusted returns [3] - Year-to-date, the fund has experienced a relative drawdown of 0.37% compared to its benchmark [4] Group 3: Fees and Tracking Accuracy - The management fee for the gold ETF fund is 0.50%, while the custody fee is 0.10% [5] - The fund has demonstrated high tracking accuracy, with a tracking error of only 0.002% over the past month [5]